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OPEC Seminar to Review Market Trends

Oil Minister Bijan Namdar Zanganeh will chair a special 'oil market stability' panel at the next OPEC International Seminar, ILNA reported Sunday.

He will discuss the importance of cooperation in stabilizing global oil markets, the interaction between physical and financial markets, and promoting dialogue between oil producers and consumers.

Iraqi oil minister, Adil Abd al-Mahdi, Venezuela's oil minister, Asdrubal Chavez, Indian minister of petroleum and natural gas, Dharmendra Pradhan, secretary general of the International Energy Forum (IEF), Aldo Flores-Quiroga, and secretary general of the Energy Charter, Urban Rusnak will also attend the meeting.

The 6th OPEC International Seminar will underpin the Organization of the Petroleum Exporting Countries (OPEC) longstanding commitment to strive for a secure and stable international oil market by promoting cooperation and dialogue with stakeholders around the world.

The session will be held on June 3-4 with the theme ‘Petroleum - an Engine for Global Development’ in Vienna. Global energy outlook, oil market stability, production capacity and investment, technology and the environment, and prospects for the world economy are on the agenda. Presentations will be provided by ministers, oil company executives, representatives from international organizations, academic experts and industry analysts.

Calls Resisted

OPEC member states will meet on June 5 amid rising global demand and a reduction in supply, which are both helping to support prices. At its last meeting in November, OPEC, led by Saudi Arabia, decided against cutting output to defend its market share, resisting calls by some members such as Iran and Venezuela to reduce production to shore up prices.

"Lowering OPEC production ceiling requires consensus between all members. Under current conditions it seems unlikely that the OPEC production ceiling will change," Zanganeh said last week, adding that he will hold talks with his Saudi counterpart at the next OPEC meeting. "Iran and Saudi Arabia have mutual interest in OPEC," he said without elaboration.

OPEC has held numerous seminars since 1969, covering various topical themes. But its first high-level gathering was held in 2001. Since then, the event has grown in size and prominence to become one of the premier gatherings on the world energy calendar.

Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 30.93 million barrels per day (bpd) in April, up 210,000 bpd from March. The April total, which is the highest since November 2012, leaves the group’s output nearly 1 million-bpd above the 30 million bpd ceiling that has been in place since the beginning of 2012.

The biggest single increase came from OPEC kingpin Saudi Arabia, which increased output by 100,000 bpd to 10.1 million bpd in April. Smaller increases came from Iran, Iraq, Kuwait, Libya and Nigeria.

Global oil prices have tumbled more than 50 percent since last June, as growing production and tepid global demand has caused a supply glut. Brent crude was traded at $65.56 a barrel on Friday.